◆Reforming Japan’s Government Bond-financed Social Security System by Overcoming “Silver Democracy” [NIRA Research Report: Executive Summary] Japan’s social security system is entirely supported by the annual issuance of government bonds, and the scale of these bond issues is expected to increase continuously in the future. However, if this situation continues, the social security funds may be rapidly depleted, increasing the possibility of undermining confidence in Japanese government bonds. NIRA has formulated policy recommendations to enable this state of affairs to be avoided. nira.or.jp/english/index.html Discussions towards the reform of Japan’s social security system are currently being conducted by the Council for Intensive Discussion on Social Security Reform, but discussion of a reduction in social security benefits is not on the agenda. This is perhaps an effect of Japan’s “silver democracy.” However, as this report indicates, the deficit in the social security system threatens not only the sustainability of the system itself, but the fiscal sustainability more generally, making the rapid implementation of fundamental measures an urgent necessity. (Senior Researcher Manabu Shimasawa) ※日本語版は2013年2月に公表しています。
Posted on: Fri, 05 Jul 2013 03:32:13 +0000
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